‘I never thought I would be here’: How down payment assistance helped one buyer

For many first‑time homebuyers in Boulder and Denver, a significant barrier to owning a home isn’t the monthly payment — it’s saving enough for the down payment in a market where prices keep rising. A new collaboration between the Local Change Foundation and Elevations Credit Union is helping change that by offering meaningful assistance to households struggling with affordability. 

Kai Felbinger of Boulder says buying a home felt overwhelming. 

“It just felt like the goal post kept moving and I could never catch up,” she said in an interview with Denver7. 

Making housing affordable: A $10,000 boost for eligible buyers

The Local Change Down Payment Assistance Program provides qualifying homebuyers with a $10,000 grant they do not need to repay. To participate, buyers must: 

• Purchase a home in Colorado
• Finance through Elevations Credit Union
• Earn 80% or less of the Area Median Income (AMI)

Additional requirements help focus support on those who need it most — including buyers earning 60% AMI or less or those purchasing in Boulder County. An estimated 95 residents will receive assistance through this initiative. 

For Felbinger, the program made all the difference. 

“I never thought I would be here," she said. “Honestly, it felt impossible.” 

Why this matters for our community

Housing affordability challenges have intensified in Colorado. Boulder County’s median home price has reached $750,000 — up 50% since 2013 — while home prices in Denver have soared as well.  

Programs like this help residents put down roots and strengthen the places where they live and work, shaping everything from health to long‑term financial opportunity. 

"Having shelter, having a place that's yours — is really important. And I think that’s foundational for building a community,” Felbinger said. “To have people live and work in the same city and invest in that community, you have to give them affordable housing. It's so critical. 

Senior Vice President of Lending Elizabeth Million emphasized the urgency behind this kind of support, noting that first-time homebuyers have been priced out of the market. 

“So we’ve got to find a solution,” she said. 

Elevations’ role in expanding access

Providing down payment assistance is part of Elevations' long‑standing commitment to supporting housing stability across Colorado. In addition to down payment assistance collaboration, we offer: 

• Free financial education seminars
• Free access to a self-paced financial wellness app for members
• Complimentary online courses on budgeting, home preparation, and more
• Debt management support

These resources help members prepare for sustainable homeownership so they feel confident taking that next step. 

Potential homebuyers can also prepare by better understanding how factors like home price, mortgage terms, and rate influence a monthly mortgage payment. A free mortgage plan creator from Elevations creates a customizable mortgage plan based on your unique situation. 

One piece of the puzzle

Down payment assistance is just one piece of the puzzle, but it's a powerful step toward making homeownership attainable again for more people in Boulder, Denver and surrounding communities.  

As Local Change Executive Director Jennifer Hinderliter said, “This is just a little tiny piece of the puzzle, but it's a good first piece. So we all have to come together.”  

Start the down payment assistance process